Al Fujairah National Insurance Co PSC (ADX:AFNIC) Beneish M-Score: -2.56 (As of Jul. 21, 2026)

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ADX:AFNIC Al Fujairah National Insurance Co PSC ADX:AFNIC
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What is Al Fujairah National Insurance Co PSC Beneish M-Score?

Al Fujairah National Insurance Co PSC ADX:AFNIC 5 Beneish M-Score is -2.56 as of Jul. 21, 2026. GuruFocus rates ADX:AFNIC with a GF Score™ of 5/100.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Al Fujairah National Insurance Co PSC's Beneish M-Score or its related term are showing as below:

ADX:AFNIC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22   Med: -2.58   Max: -1.97
Current: -2.56

During the past 13 years, the highest Beneish M-Score of Al Fujairah National Insurance Co PSC was -1.97. The lowest was -3.22. And the median was -2.58.

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Al Fujairah National Insurance Co PSC Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Al Fujairah National Insurance Co PSC for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.6534+0.528 * 1+0.404 * 1.0181+0.892 * 1.6023+0.115 * 0.7789
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0695+4.679 * -0.096763-0.327 * 0.4511
=-2.56

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was د.إ18.5 Mil.
Revenue was د.إ523.4 Mil.
Gross Profit was د.إ523.4 Mil.
Total Current Assets was د.إ0.0 Mil.
Total Assets was د.إ973.0 Mil.
Property, Plant and Equipment(Net PPE) was د.إ27.5 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ15.7 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ0.5 Mil.
Total Current Liabilities was د.إ0.0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ11.6 Mil.
Net Income was د.إ71.5 Mil.
Gross Profit was د.إ0.1 Mil.
Cash Flow from Operations was د.إ165.6 Mil.
 Total Receivables was د.إ17.7 Mil.
Revenue was د.إ326.7 Mil.
Gross Profit was د.إ326.7 Mil.
Total Current Assets was د.إ0.0 Mil.
Total Assets was د.إ835.6 Mil.
Property, Plant and Equipment(Net PPE) was د.إ38.0 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ15.0 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ0.3 Mil.
Total Current Liabilities was د.إ0.0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ22.0 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(18.548 / 523.405) / (17.717 / 326.656)
=0.035437 / 0.054237
=0.6534

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(326.656 / 326.656) / (523.405 / 523.405)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 27.473) / 972.96) / (1 - (0 + 38.006) / 835.566)
=0.971763 / 0.954515
=1.0181

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=523.405 / 326.656
=1.6023

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(14.999 / (14.999 + 38.006)) / (15.677 / (15.677 + 27.473))
=0.282973 / 0.363314
=0.7789

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0.507 / 523.405) / (0.296 / 326.656)
=0.000969 / 0.000906
=1.0695

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((11.568 + 0) / 972.96) / ((22.021 + 0) / 835.566)
=0.011889 / 0.026355
=0.4511

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(71.479 - 0.076 - 165.55) / 972.96
=-0.096763

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Al Fujairah National Insurance Co PSC has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.56 mean?
Al Fujairah National Insurance Co PSC (ADX:AFNIC) has a Beneish M-Score of -2.56 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Al Fujairah National Insurance Co PSC and its competitors.
Is Al Fujairah National Insurance Co PSC's Beneish M-Score too high?
Al Fujairah National Insurance Co PSC's current Beneish M-Score is -2.56. Overall, Al Fujairah National Insurance Co PSC has a GF Score™ of 5/100, reflecting its overall financial health beyond just this single metric.
How does Al Fujairah National Insurance Co PSC's Beneish M-Score compare to CUII?
Al Fujairah National Insurance Co PSC's Beneish M-Score of -2.56 can be compared against companies in the Insurance industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Al Fujairah National Insurance Co PSC and its competitors. Al Fujairah National Insurance Co PSC's current Beneish M-Score is -2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Al Fujairah National Insurance Co PSC stock overvalued right now?
Al Fujairah National Insurance Co PSC (ADX:AFNIC) has a current Beneish M-Score of -2.56. The current Beneish M-Score is -2.56. Al Fujairah National Insurance Co PSC's overall GF Score™ is 5/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Al Fujairah National Insurance Co PSC (ADX:AFNIC), the current Beneish M-Score is -2.56 as of Jul. 21, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Al Fujairah National Insurance Co PSC Business Description

Address Hamad Bin Abdullah Street, Ground Floor, Insurance Building, PO Box 277, Fujairah, ARE
Al Fujairah National Insurance Co PSC is an insurance service provider. The company is engaged in the writing of all classes of general insurance and short-term life insurance. It provides services in Abu Dhabi, Dubai, Sharjah, Dibba, and Fujairah, as well as through Insurance ATMs. The company writes all classes of property and casualty insurance, including individual insurance that covers automobile insurance, medical insurance, home insurance, life insurance, etc., and corporate insurance that covers aviation insurance, group life insurance, group medical insurance, energy insurance, engineering and projects, liability insurance, marine insurance, property insurance, and miscellaneous insurance. Its segments are Motor and General, which generate maximum revenue, and Life and Medical.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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